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If the GameStop thing doesn't make sense to you, it's because it left the realms of making-money a long time ago.
Basically, a lot of rich people bet their shirts that the stock would keep dropping. A bunch of memers made its value go way up instead, and rich assholes are SKINT.
Basically, a lot of rich people bet their shirts that the stock would keep dropping. A bunch of memers made its value go way up instead, and rich assholes are SKINT.
There are people buying stock who have zero intent of ever selling it, simply because there are rich assholes who are totally fucked if they can't find someone, anyone, to buy from. Memers are spite-buying the stock just to screw them.
Hence, it making no sense from the outside.
Hence, it making no sense from the outside.
The memers are fucking the rich assholes so bad that this one needed a TWO POINT FIVE BILLION DOLLAR bail-out from another rich assholes. Literally just to stay solvent.
It's all very lovely, and I highly approve. https://newyorknewstimes.com/this-short-seller-received-a-2-75-billion-bailout/93376/
It's all very lovely, and I highly approve. https://newyorknewstimes.com/this-short-seller-received-a-2-75-billion-bailout/93376/
If you need it even more tl;dr:
It's like if KPOP stans found a single point of failure in the stock market and sent song lyrics so hard that entire hedge funds went (at least temporarily) bankrupt.
Why was there a single point of failure? Rich assholes are greedy and lazy.
It's like if KPOP stans found a single point of failure in the stock market and sent song lyrics so hard that entire hedge funds went (at least temporarily) bankrupt.
Why was there a single point of failure? Rich assholes are greedy and lazy.
